NMU to Acquire Wright St. Property

The NMU Board of Trustees approved the purchase of property and structures located at 1010 and 1020 Wright Street – adjacent to Ripley Heating Plant – at a cost of $725,000 plus related miscellaneous expenses.

The amount will be funded through the transfer of Magers Hall, a state building, to the Housing and Residence Life auxiliary operation for the purposes of converting it back to its original use as a residence hall.

“Northern has been interested in this land for some time because it is part of the university’s long-range master plan,” said Carl Pace, associate vice president for facilities and services. “We began exploring a purchase several years ago, when it became apparent that we would have to begin the process of replacing our boilers within the heating plant and electrical gear, which may require additional space. We had no control over the timing. The owners decided they were ready to sell, so we had to act quickly or risk losing the opportunity. This is a long-term investment.”

Housing and Residence Life will use two sources to fund the Magers Hall project: $4.6 million in proceeds from the 2001 bond issue, which were made available by not moving forward with the Quad II renovation; and $1.3 million in reserves.




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Updated: April 23, 2004